SOLR vs. FRNW

Last updated Jun 4, 2026

SOLR (SmartETFs Sustainable Energy II ETF) and FRNW (Fidelity Clean Energy ETF) are both exchange-traded funds - SOLR is a Energy Equities fund actively managed by SmartETFs, while FRNW is a Alternative Energy Equities fund actively managed by Fidelity. Both are actively managed. Over the past 3 years, SOLR returned 6.70%/yr vs 10.12%/yr for FRNW. Their correlation of 0.85 suggests significant overlap in exposure. SOLR charges 0.79%/yr vs 0.39%/yr for FRNW.

Performance

SOLR vs. FRNW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SmartETFs Sustainable Energy II ETF (SOLR) and Fidelity Clean Energy ETF (FRNW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SOLR achieves a 19.19% return, which is significantly lower than FRNW's 34.11% return.

SOLR

• 1D: -0.46%
• 1M: 7.74%
• YTD: 19.19%
• 6M: 18.35%
• 1Y: 42.02%
• 3Y*: 6.70%
• 5Y*: 4.70%
• 10Y*: —

FRNW

• 1D: -1.91%
• 1M: 7.89%
• YTD: 34.11%
• 6M: 34.18%
• 1Y: 86.03%
• 3Y*: 10.12%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SOLR vs. FRNW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SOLR SmartETFs Sustainable Energy II ETF	19.19%	26.72%	-12.41%	-0.78%	-11.87%	3.21%
FRNW Fidelity Clean Energy ETF	34.11%	53.20%	-21.11%	-19.64%	-11.46%	-2.85%

Correlation

The correlation between SOLR and FRNW is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 8, 2021	0.85

The correlation between SOLR and FRNW has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

SOLR vs. FRNW - Sectors Allocation Comparison

Sectors	SOLR	FRNW
Industrials	46.4%	30.1%
Technology	18.5%	5.5%
Utilities	15.0%	43.3%
Energy	6.8%	21.0%
Basic Materials	5.4%	-
Financial Services	5.3%	-
Consumer Cyclical	2.6%	-
Communication Services	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

SOLR vs. FRNW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SOLR

SOLR Risk / Return Rank: 62
SOLR Sharpe Ratio Rank: 67
SOLR Sortino Ratio Rank: 64
SOLR Omega Ratio Rank: 60
SOLR Calmar Ratio Rank: 59
SOLR Martin Ratio Rank: 59

FRNW

FRNW Risk / Return Rank: 90
FRNW Sharpe Ratio Rank: 92
FRNW Sortino Ratio Rank: 88
FRNW Omega Ratio Rank: 83
FRNW Calmar Ratio Rank: 94
FRNW Martin Ratio Rank: 92

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SOLR vs. FRNW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SmartETFs Sustainable Energy II ETF (SOLR) and Fidelity Clean Energy ETF (FRNW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	SOLR	FRNW	Difference
Sharpe ratio Return per unit of total volatility	2.17	3.39	-1.21
Sortino ratio Return per unit of downside risk	2.94	4.06	-1.12
Omega ratio Gain probability vs. loss probability	1.36	1.51	-0.15
Calmar ratio Return relative to maximum drawdown	2.89	7.47	-4.58
Martin ratio Return relative to average drawdown	10.24	23.29	-13.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SOLR vs. FRNW - Sharpe Ratio Comparison

The current SOLR Sharpe Ratio is 2.17, which is lower than the FRNW Sharpe Ratio of 3.39. The chart below compares the historical Sharpe Ratios of SOLR and FRNW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SOLR	FRNW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	3.39	-1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.09	+0.27

Drawdowns

SOLR vs. FRNW - Drawdown Comparison

The maximum SOLR drawdown since its inception was -39.46%, smaller than the maximum FRNW drawdown of -59.37%. Use the drawdown chart below to compare losses from any high point for SOLR and FRNW.

Drawdown Indicators

	SOLR	FRNW	Difference
Max Drawdown Largest peak-to-trough decline	-39.46%	-59.37%	+19.91%
Max Drawdown (1Y) Largest decline over 1 year	-14.63%	-11.58%	-3.05%
Max Drawdown (3Y) Largest decline over 3 years	-34.66%	-45.27%	+10.61%
Max Drawdown (5Y) Largest decline over 5 years	-39.46%	—	—
Current Drawdown Current decline from peak	-0.46%	-3.15%	+2.69%
Average Drawdown Average peak-to-trough decline	-15.59%	-33.33%	+17.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.11%	3.71%	+0.40%

Volatility

SOLR vs. FRNW - Volatility Comparison

The current volatility for SmartETFs Sustainable Energy II ETF (SOLR) is 7.61%, while Fidelity Clean Energy ETF (FRNW) has a volatility of 8.16%. This indicates that SOLR experiences smaller price fluctuations and is considered to be less risky than FRNW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOLR	FRNW	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.61%	8.16%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	15.45%	17.79%	-2.34%
Volatility (1Y) Calculated over the trailing 1-year period	19.46%	25.61%	-6.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.16%	28.35%	-6.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.73%	28.35%	-5.62%

SOLR vs. FRNW - Expense Ratio Comparison

SOLR has a 0.79% expense ratio, which is higher than FRNW's 0.39% expense ratio.

Dividends

SOLR vs. FRNW - Dividend Comparison

SOLR's dividend yield for the trailing twelve months is around 0.56%, less than FRNW's 0.94% yield.

Position	TTM	2025	2024	2023	2022	2021
FRNW Fidelity Clean Energy ETF	0.94%	1.25%	1.43%	1.30%	0.69%	0.04%
SOLR SmartETFs Sustainable Energy II ETF	0.56%	0.67%	0.93%	0.42%	1.29%	2.62%

Frequently Asked Questions

Can I hold both SOLR and FRNW in my portfolio?

SOLR and FRNW have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SOLR or FRNW?

FRNW has higher volatility (8.16%) compared to SOLR (7.61%). In terms of maximum drawdown, SOLR dropped -39.46% vs FRNW's -59.37%.

Which ETF is better, SOLR or FRNW?

On 3-year performance, FRNW leads with 10.12% vs 6.70% for SOLR. On fees, FRNW is cheaper at 0.39% per year. On volatility, SOLR has been the lower-risk option at 7.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOLR or FRNW?

Over the 3-year period, FRNW has performed better with a 10.12% return vs 6.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOLR or FRNW?

FRNW is cheaper with a 0.39% expense ratio, compared with 0.79% for SOLR.

Which ETF pays a higher dividend yield, SOLR or FRNW?

FRNW has the higher dividend yield at 0.94%, compared with 0.56% for SOLR.

What is the main difference between SOLR and FRNW?

SOLR is categorized as Energy Equities, while FRNW is Alternative Energy Equities. They also come from different issuers: SmartETFs and Fidelity. Their fees differ too: 0.79% for SOLR and 0.39% for FRNW.

Which has better risk-adjusted returns?

FRNW currently has the higher Sharpe Ratio (3.39 vs 2.17), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.